Business Directories

Saudi housing projects ‘to spur growth’

Jeddah, May 11, 2011

With Saudi Arabia aiming to increase home ownership to 80 per cent by 2024, top opportunities for real estate, construction and financing companies are emerging, said the organisers of an upcoming real estate summit in Jeddah.

The impact of Saudi Arabia’s record budget across all segments of the real estate sector, and housing in particular, will be a major focus of this year’s Jeddah Real Estate Summit held at Jeddah International Urban Development and Real Estate Investment – Cityscape Jeddah, running from June 11 to 13 at the Jeddah Center for Forums and Events.

More than 35 CEO-level speakers will analyse the region’s major opportunities from both a regional and international perspective, discussing entry strategies into the market, sustainable project finance, real estate investment, public-private partnerships, hospitality, regulatory developments, the economic cities and infrastructure.

“Saudi Arabia has the biggest opportunity in real estate among GCC countries, supported by organic demand. The recent announcements and initiatives by the Saudi government aimed at addressing the housing shortage will trigger growth in the sector and attract new investments,” said Nidal Jamjoom, CEO of Kinan, a leading real estate company.

“However, to effectively meet the captive demand for residential units within the targeted time frame, a partnership between public and private sectors needs to be explored, the long awaited mortgage law needs to be implemented, and owner’s association regulations with clear enforcement mechanisms should be developed to facilitate multi-family community developments,” he added.

“The government’s holistic approach to strengthen the economy will insure sustainable growth. Developing new residential communities creates opportunities for retail, which will be further supported by increased consumer spending enabled through recent salary adjustments,” said Fahad Al-Mutawa, CEO of Ewaan Global Residential Company.

“Further, major infrastructure investment will have to go alongside these residential projects to increase connectivity within the Kingdom.”

“This year’s event is happening at a crucial time. A collective effort by developers, banks and investors is required to successfully implement the government’s ambitions,” said Hussain Alharthi, managing director of National Exhibition Company.

“The summit as well as the exhibition will bring all these segments together and offer a platform to form new partnerships and alliances to pave the way for major projects in the Kingdom.”

“Jeddah Real Estate Summit is an unparalleled learning and networking event and offers direct access to 150 influential business leaders,” said Deep Marwaha, group director of Cityscape Saudi Arabia.

“During two full conference days and two interactive workshops with focus on key market trends, booming market sectors and sourcing new opportunities with a strong focus on the housing sector,” he added. – TradeArabia News Service